Our Understanding

At KM Loans, we understand that there are many reasons for someone to get a logbook loan. It is important to us that you consider why you are getting the loan and that you can see your way to repaying it. For this purpose, we have added a few of the more common reasons that people get logbook loans. In all the below cases, you can assume that normal credit loans are out of the question.
Equipment Breakdown: If you have a washing machine, refrigerator or other essential electrical appliance break down, then you will need to make an upfront payment of some sort, either for a replacement or for the repair of your current one. This is not limited to household items and could encompass something like a second car which your partner uses for work or for the kids. This is something you can’t do without, and if you don’t have the money in the bank because of bills, you have no other way to pay for its replacement or repair. The cost of not getting it fixed and someone losing their job is much greater than the cost of repaying a logbook loan.
Illness: If you or a family member or other loved one unexpectedly gets sick, and you need to make an upfront payment on some medical expenses which aren’t covered by a health scheme, you may not have enough money in the bank. You may benefit from a logbook loan and you can adjust your budget to meet the repayment schedule.
Children: Everyone wants their kids to have a better opportunity than they did, and to feel included in all their classroom activities. If there are some school expenses, at the start of the semester or for a class trip for example, it may be difficult to come up with the money if you are working to a budget. If this is the case, a small logbook loan could be a good idea, as the repayments can be budgeted in to future expenses.
Holiday: Sometimes when planning a holiday you may have some of the money saved up, but not all of it. Between now and the time of the holiday, you will be able to save that money, but there are down payments on certain bookings which need to be made now. There is no reason you should miss that holiday you have been looking for just because you don’t have the money in the bank right now, and with a logbook loan with the right repayment plan, you won’t need to.